"David Speth, vice-president of research at the CBOE, acknowledged that open interest figures had dropped in recent weeks.
“There are a number of factors,” Mr Speth said in an interview. “There are a lot of credit players who have used Vix options as a tail hedge, to protect against a drop in credit quality. When credit quality dropped in oil at the end of the year, the hedge didn’t work as well as they liked.”"
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